In 2007, Coller closed the largest secondaries fund at the time on $4.8bn. The fund has been involved with some of the market’s highest-profile secondaries transactions, including the acquisitions last year of a venture portfolio from 3i Group and a 24% stake in listed investor SVG Capital, Permira’s biggest investor.

A drop in asset values resulted in the total value of secondaries deals slumping to $12.3bn last year from $20bn the previous year, according to Preqin. But a rise in prices since the beginning of the year has encouraged potential sellers.

Last week, sovereign wealth fund China Investment Corp’s agreed investment of $500m in Pantheon’s fund fell through due to the terms associated with the deal, according to a source. Pantheon declined to comment. CIC did not respond to requests for comment.